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European stock markets SXXP, -0.18% closed lower, with the FTSE 100 UKX, -0.05% logging the worst week since January. The S&P 500 index SPX, -0.08% closed 1.98 points, or 0.1%, lower at 2,343.98, with six of the 11 main sectors finishing in negative territory. Stocks closed mostly lower, with major indexes posting the biggest weekly losses in months, as House Republican pulled a controversial health-care bill from consideration after failing to secure enough votes to pass it. GamesStop Corp. GME, -13.61% shares tumbled 14% after the videogame retail chain said it would close at least 150 stores. Financials sector suffered a 3.8% loss over the week, its largest decline since January 2016.

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Stock market falls 1.2%, ending longest streak of calm since 1995

(AFP PHOTO / Bryan R. Smith/AFP/Getty Images) (Photo: BRYAN R. SMITH, AFP/Getty Images)Wall Street finally got what it’s been fearing: a big down day in the stock market. More on stocks: The stock market also succumbed to the weight of expensive stock prices, as well as fresh concerns that the hoped-for economic rebound might not be as robust as forecast. Video provided by The Street News look Traders work on the floor of the New York Stock Exchange on March 15, 2017. It closed down more than 1% for the first time since Oct. 11, or 110 trading sessions, ending its longest streak of calm since 1995, according to data compiled by Ryan Detrick, senior market strategist at LPL Financial. The Financial Select Sector SPDR ETF fell nearly 3% and the Russell 2000 small-company stock index declined 2.6%.

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AFP/Getty Images President Donald Trump’s political setback will be a critical test for the stock market. “A stock market sell-off can be a good catalyst to bring ultimate passage of legislation,” he wrote in a report. The stock market will face its moment of truth next week as euphoria over President Donald Trump’s lofty agenda to “make America great again” collides with the realities of U.S. politics. Trump suffered a major blow on Friday when House Republicans withdrew the American Health Care Act after they failed to secure enough votes to pass the bill. How the GOP health care bill failed (1:54) In a blow to President Trump’s young administration, House Republicans pulled their bill to replace Obamacare after failing to gain support within their own party.